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BMD Palm Edges Higher Ahead of Long Holidays

4 Feb 2019 11:59 am
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures moved higher on Monday, supported by expectations of easing inventory levels.

However, a stronger Ringgit capped gains. A stronger Ringgit, palm's currency of trade, usually makes the edible oil dearer for holders of foreign currencies.

Malaysian markets are closed from the afternoon session for the Lunar New Year holiday and will reopen on Thursday.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 7 at Ringgit 2,306 per tonne by the close after moving in the range of Ringgit 2,313 to Ringgit 2,283 per tonne.

Meanwhile, the market is expecting a drop in stock levels. Palm oil inventories in December rose 6.9 percent to 3.21 million tonnes, the highest in nearly two decades. It likely eased in January in line with a drop in seasonal output.

In other related oils, the CBOT March soybean oil contract slipped 0.2 percent. China's Dalian Commodity Exchange is closed for the Lunar New Year. Palm oil prices are affected by movements in soyoil rates, as they compete for a share in the global vegetable oil market.

Exports of Malaysian palm oil products for January gained 15.5 percent to 1,470,897 tonnes from 1,273,076 tonnes in December, an independent inspection company AmSpec Agri Malaysia said on Thursday. Intertek Testing Services (ITS) also pegged exports higher by 14.72 percent during the same period.

With export rise within market expectation, attention has now turned to Malaysia stocks which is the main variable weighing down on the market.

(By Commoditiescontrol Bureau)

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